Jim Yong Kim has announced he is stepping down as the head of the World Bank, in a move that sent shockwaves through the international aid community. Quick guide The lowdown on the World Bank Show Hide Founded in 1944 at the Bretton Woods conference as a vehicle to support the reconstruction of postwar Europe, the World Bank made its first loan to France in 1947. But it has attracted criticism for promoting laissez-faire, business-friendly policies that aim to boost private sector employment. US presidents have traditionally appointed the head of the World Bank, while European governments normally decide the managing director of the International Monetary Fund. He said poverty around the world had fallen and the bank was on target to reach its goal of eliminating extreme poverty by 2030.

Source: The Guardian January 07, 2019 16:34 UTC